FAQ's

Many people feel that the process of changing accountants is a difficult one. At SumTotal we strive to make the transition as easy as possible. We will make contact with your previous accountant and ensure that any information we require is transferred.

Our logical and effective processes relate to how your business stands, help us understand where you want your business to go and devise suitable plans and business goals.

 

  • Does it produce consistent growth above industry average?
  • Does it give you industry leading profitability?
  • Does it always produce positive cash flow?
  • Does it provide protection for your personal and business assets?
  • Is it sustainable, saleable or transferable?
  • Does it give you the lifestyle and time you want?

 

 

  • Statutory creditors not paid on time (ie. Superannuation, PAYG, GST, Payroll tax, income tax)
  • Suppliers have stopped supply or insisted on COD terms only and opened a new account.
  • Cheques are being dishonoured
  • Trade creditors outstanding past contract terms.
  • Insurance, does it exist; is it adequate and up to date?
  • The holding of cheques that are drawn but not sent.
  • Slow debtor recoveries (shown by an increase in debtor ageing) Accounting records in disarray. Simple financial information cannot be provided quickly.
  • Creditors being paid in part payments and regularly (ie. Round amount cheques, cheques drawn to cash, payment programs, post-dated cheques).
  • Evidence exists of contra deals with creditors in payments of accounts.
  • Creditors seeking to have goods returned for non-payment of account.
  • The company’s balance sheet shows deficiency
  • No access to alternative finance
  • Trading at a loss
  • The company has a working capital deficiency
  • Unpaid rent to landlord or unpaid lease payments to financier
  • Inability to raise further equity capital
  • Debt collection agency or legal action by creditors evident eg. Issuing statutory demands.
  • Not complying with terms of loan facility with bank, exceeding overdraft limit or have passed deadline to reach agreement with lender.

 

Our assessments streamline successful businesses with our objective and workable strategies to improve performance. When assessing your business we aim to focus on improving areas including:

  • Stabilising cash flow
  • Assessing long-term profitability
  • Analysing management structure, processes and administration
  • Establishing an accurate market position
  • Assessing accounts payable and receivable policies, to name but a few.

Helping you to improve your business’ profitability and cash flow doesn’t stop when we’ve conducted our assessment. Our comprehensive plan will provide you with:

  • Knowledge of the key areas you need to focus on for improvement
  • Detailed action plans
  • Monitoring of your progress as you implement change
  • Assistance with implementing new systems and processes.

SumTotal will conduct comprehensive assessments to help you achieve all you want from your business. Providing you with detailed feedback and workable strategy to help your business achieve the next level. Our personalised, collaborative processes, combined with extensive knowledge and experience across a range of industries, translate into a market-leading edge for SumTotal clients.

Do you have a question? We would love to help...